Dixon Development began operations in December 2021. When lots for industrial development are sold, Dixon recognies income for financial reporting purposes in the year of the sale For some lots. Den recognizes income for tax purposes when collected. Income recognized for financial reporting purposes in 2021 for lots sold this way wars $18 million, which will be collected over the next three years. Scheduled collections for 2022-2024 are as follows: 2023 2024 10 million 2 Billion Pretax accounting income for 2021 was $26 million. The enacted tax rate is 35% Required: 1. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income tapes in 2021 2. Suppose a new tax law. revising the tax rate from 25% to 30% beginning in 2022 is enacted in 2022. when pretax accounting income was $22 million. No 2022 lot sales quated for the special tax treatment Prepare the appropriate journal entry to record income tax in 2022 3. If the new tax rate had not been enacted what would have been the appropriate balance in the deferred to be account at the end of 20227 Complete this question by entering your answers in the tabs below R ed 1 Required 2 m ed Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2021. (If no entry is required for a transaction event, select "No journal entry required in the accounted Enter your answers in millions rounded to I decimal place tle, 5,500,000 should be entered as 5.5)) View bransaction list Journal entry worksheet Record 2021 income taxes Note: the debts before credits 2022 2023 2024 $ 6 million 10 million 2 million $ 18 million points Skipped Pretax accounting income for 2021 was $26 million. The enacted tax rate is 35% eBOOK Required: 1. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record Income taxes in 2021. 2. Suppose a new tax law, revising the tax rate from 35% to 30%, beginning in 2023, is enacted in 2022. when pretax accounting Income was $22 million. No 2022 lot sales qualified for the special tax treatment. Prepare the appropriate journal entry to record income taxes in 2022. 3. If the new tax rate had not been enacted, what would have been the appropriate balance in the deferred tax liability account at the end of 2022? Print References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Suppose a new tax law, revising the tax rate from 15 to 30%, beginning in 2023, is enacted in 2022, when pretax accounting income was $22 million. No 2022 lot sales qualified for the special tax treatment. Prepare the appropriate journal entry to record income taxes in 2022. (If no entry is required for transaction/event, select 'No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (1,5,500,000 should be entered as 5.5)) View transaction list Journal entry worksheet Record 2022 income taxes. Note: Enter debits before credits General Journal Debit Credit Date Dec 31, 2022 Dixon Development began operations in December 2021. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots, Dixon recognizes income for tax purposes when collected. Income recognized for financial reporting purposes in 2021 for lots sold this way was $18 million, which will be collected over the next three years. Scheduled collections for 2022-2024 are as follows: points Skipped 2e23 2e24 $6 million 10 million 2 million Pretax accounting income for 2021 was $26 million. The enacted tax rate is 35%. References Required: 1. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2021 2. Suppose a new tax law, revising the tax rate from 35% to 30%, beginning in 2023, is enacted in 2022. when pretax accounting Income was $22 million. No 2022 lot sales qualified for the special tax treatment. Prepare the appropriate journal entry to record income taxes in 2022. 3. If the new tax rate had not been enacted, what would have been the appropriate balance in the deferred tax liability account at the end of 2022? Complete this question by 2 the tabs below. E33 Required 2 If the new tax rate had not been enacted, what would have been the appropriate balance in the deferred tax liability account the end of 2022? (Enter your answer in millions rounded to 1 decimal place (.e., 5,500,000 should be entered as 5.5).) million ( Required 2